Pictet & Cie Europe SA purchased a new stake in HDFC Bank (NYSE:HDB) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 7,960 shares of the bank’s stock, valued at approximately $230,000.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Bank Pictet & Cie Asia Ltd. acquired a new position in shares of HDFC Bank during the first quarter worth approximately $501,000. Sustainable Growth Advisers LP raised its position in HDFC Bank by 21.2% in the 1st quarter. Sustainable Growth Advisers LP now owns 1,581,769 shares of the bank’s stock valued at $156,231,000 after buying an additional 276,635 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in HDFC Bank in the 1st quarter valued at $889,000. Bamco Inc. NY raised its position in HDFC Bank by 110.0% in the 1st quarter. Bamco Inc. NY now owns 14,014 shares of the bank’s stock valued at $1,384,000 after buying an additional 7,340 shares during the last quarter. Finally, Banque Pictet & Cie SA purchased a new stake in HDFC Bank in the 1st quarter valued at $213,000. 17.22% of the stock is currently owned by hedge funds and other institutional investors.
HDB has been the subject of a number of analyst reports. TheStreet lowered HDFC Bank from a “b” rating to a “c+” rating in a research report on Tuesday, May 15th. Zacks Investment Research raised HDFC Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, March 27th. One research analyst has rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $114.00.
HDFC Bank opened at $98.33 on Friday, according to MarketBeat.com. The firm has a market capitalization of $84.69 billion, a P/E ratio of 39.02, a P/E/G ratio of 0.92 and a beta of 0.99. HDFC Bank has a 12 month low of $83.50 and a 12 month high of $110.77.
About HDFC Bank
HDFC Bank Limited provides a range of banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in Treasury, Retail Banking, Wholesale Banking, and Other Banking Business segments. It accepts savings accounts, salary accounts, current accounts, fixed and recurring deposits, demat accounts, safe deposit lockers, and rural accounts, as well as offshore accounts and deposits.
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